Mr. Hancher took a sudden resolution. He drew up his chair a little closer, and leaned forward.

"I think you'd better tell me what he's here for—all you know about it," he said bluntly. "You know me—I won't use what you tell me unless I have your permission. And I've got an idea that you ought to know what's going on."

"I would very greatly prefer that it should not become common knowledge," Mr. Osgood replied with some hesitation; "but I may tell you, Mr. Hancher, that Mr. O'Connor came to see me with a proposal that we take the agency of the Salamander and turn over the Guardian's business to them. I told him—were you going to say anything?"

"No. That's it, then. Go on—what did you tell him?"

"I told him no. I didn't care to consider the matter," said the older man, simply.

"Mr. Osgood," said the other, "you've given me what I need to make what I suspected stand on a solid bottom. I can see the motive now for what's being done. It's the fact that O'Connor wants the Guardian's business. Now, I want to tell you something—or rather ask you something. Do you think your refusal to consider his proposition closed up the whole business completely?"

"Well, no," Mr. Osgood replied; "I suppose not. In fact, when he left, he rather intimated that I might look for further developments."

"That was temper," Hancher commented judicially. "Not good judgment, at all. Ordinarily he'd never have said such a thing. But he meant it, all right—you can believe that. If he can't get the Guardian business one way, he'll try it another. And the second way he has chosen is this—after the meeting of the Boston Board next Wednesday you will be obliged to choose between resigning either the Guardian or all your other companies."

"You mean that a separation rule will be put through?" Mr. Osgood inquired quickly.

"Surest thing you know," the journalist declared. "That is, unless somebody puts a little sand on the slide pretty all-fired soon. I say, Mr. Osgood,—I'm a non-combatant, but I like to see fair play,—why don't you write the Guardian people?—or wire them? I think this is something your friend Wintermuth ought to know."